Corporations, Limited Liability Companies & Partnerships

Most people do not know the subtle, and sometimes not so subtle distinctions between sole proprietorships, general partnerships, limited partnerships, limited liability companies, limited liability partnerships, corporations or Sub S corporations. Despite what you may have heard on television or the radio from one of the new “self help” companies, not every business needs to be incorporated or become a limited liability company. These “self help” companies are prohibited from providing legal advice, and instead imply that every business, including “home based businesses” would benefit from incorporation or becoming a limited liability company. In fact, this is simply not true. Under many circumstances, making the wrong choice can increase one’s taxes, without providing the benefits hoped for. Making the right choice, at the right time, can save you taxes, provide prestige, and provide the maximum protection for your personal assets. A business owner must consider all factors before he is capable of making an informed decision.

Ralph D. Hughes has set up hundreds of partnerships, corporations and limited liability companies since 1983. If you are considering starting a new company, or changing your company’s structure to take advantage of more favorable tax treatment and protection of your assets, he can provide quality advice to assist you in making the decision.